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Schroeder Says European Union
Must Dispel Worries About Crisis

By

Brandon Mitchener Staff Reporter of The Wall Street Journal

Updated March 24, 1999 12:01 a.m. ET

BRUSSELS -- The European Union faces a crisis of confidence if it fails to produce results at an extraordinary summit this week, German Chancellor Gerhard Schroeder warned fellow heads of state in a letter.

The summit, which begins Wednesday in Berlin and is scheduled to last until Friday, was originally scheduled to come to grips with long-overdue reforms of the EU's finances. First and foremost, that meant slashing the Common Agricultural Policy that eats up half the 96 billion euro ($104.71 billion) EU budget and stands...